- Brooklyn Nets owner Joe Tsai has been named chairman of Alibaba Group, taking the reins of the Chinese e-commerce giant as it seeks to revive sluggish growth amid fierce competition. Tsai, a close ally of co-founder Jack Ma, is seen as being in good standing with the company and analysts, while Ma has maintained a low profile since a fallout with Beijing during a regulatory crackdown on the tech industry.
- Tsai's relationship provides him more influence than departing chairman Daniel Zhang to reorganize the company into independent entities and revive its e-commerce business. Eddie Wu, another co-founder, will replace Zhang as CEO, overseeing Taobao and Tmall. The changes take effect on September 10th.
Why it matters
The shake-up enables Ma to maintain influence over Alibaba's restructuring. Recently, Ma met with executives from Alibaba's Chinese commerce division to address increased competition. He advised them to adapt their strategies and governance, acknowledging that Alibaba's previous methods may no longer be effective.